terms that start with ‘i,’ ‘j,’ or ‘k’

Income loss coverage

Income loss coverage is sometimes a part of your auto insurance policy's personal injury protection coverage (in certain states) or first party benefits coverage (in Pennsylvania).

Income loss coverage offers financial protection if you're unable to work due to accident-related injuries. It helps you recover portions of your lost salary and other expenses you may incur as you try to return to work.

Indemnity

An indemnity is the sum that your insurer will pay to you or others after an accident that results in damage to property or people. The idea is that it'll restore you — or rather your finances — to their pre-loss condition.

Independent insurance agent

Inspection

An inspection (also known as a vehicle inspection, safety inspection, or annual inspection) is a practice governed by state and national regulations in which trained professionals determine a vehicle's insurability and road-use legality.

The 2 main factors checked during inspections are vehicle safety and emissions. State laws dictate the required frequency of vehicle inspection, but the most common reasons for the procedure include insurance applications, car accidents, and vehicle registrations.

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Insurance adjuster

Insurance card

An insurance card (also known as an ID card) contains a car insurance policy's pertinent information — including name(s) and address(es) of policyholder(s); policy number; year, make, model, and VIN of each insured vehicle; the effective date of the policy; and the name and contact information of the insurance company.

In most states, you'll typically need to show a police officer your insurance card, along with your license and registration, if you're stopped.

Insurance claim report

Insurance claim reports provide details about car insurance claims you or other insured drivers on your policy have filed with insurance companies. These reports are provided by independent consumer reporting agencies that collect car insurance claim information from a variety of insurance companies. One of the most common agencies issuing such reports is C.L.U.E., the Comprehensive Loss Underwriting Exchange.

Insurance fraud

Insurance fraud (also known as an insurance scam) is any act that knowingly defrauds an insurance company to obtain payment. Fraud can take on many forms, ranging from overinflated towing bills to windshield repair fraud, and from staged accidents to exaggerated claims of stolen property or damages.

Insurance fraud is a leading cause of today's rising insurance costs, and all states enforce strict laws against this form of crime. Convicted offenders can face major penalties, hefty fines, and imprisonment.

Insurance score

Insurance scores are based on analytical models that objectively measure the relative likelihood of future insurance losses based on aspects of your credit history. These scores and analyses of their significance are provided by independent consumer reporting agencies.

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Jet Ski® insurance

Jet Ski insurance (also known as personal watercraft insurance) is designed to protect your personal watercraft both in and out of the water.

Though jet ski is commonly used to refer to personal watercrafts like Yamaha's WaveRunner™, the term literally refers to Kawasaki's trademarked product, which debuted in 1973. Powered by a jet drive, Jet Skis can travel on the surface of water and usually accommodate one to 3 people.